CONVERSION TECHNOLOGIES FILES REGISTRATION STATEMENT IN ACCORD WITH OCTAGON, INC. MERGER.

HAZLET, N.J.--(BUSINESS WIRE)--Jan. 24, 1997--Conversion Technologies International, Inc. (Nasdaq: CTIX) announced today that it has filed a Registration Statement with the Securities and Exchange Commission to issue up to 850,000 shares of its Common Stock in conjunction with the Company's previously announced merger with Octagon, Inc. (OTCBB: OCTA and OCTAW). Conversion Technologies currently has approximately 5.5 million shares of Common Stock outstanding. The merger is expected to close within the quarter ending March 31, l997 and is subject to the Registration Statement becoming effective, approval of Octagon's shareholders and certain other customary conditions.

As disclosed in the Proxy Statement/Prospectus forming a part of the Registration Statement, Octagon's Board of Directors has unanimously approved the Merger Agreement and holders of more than 50 percent of Octagon's Common Stock have entered into agreements with Conversion Technologies, pursuant to which they have agreed to vote in favor of the Merger Agreement and the merger.

For the twelve months ended June 30, 1996, Octagon, Inc. generated revenues of $28,270,345 and net income of $599,544. Conversion Technologies had revenues of $2,679,987 and a net loss of $4,552,951 in its fiscal year ended June 30, l996. For the three months ended September 30, 1996, Octagon had revenues of $4,473,655 and a net loss of $673,066 and Conversion Technologies had revenues of $344,273 and a net loss of $1,650,785.

Conversion Technologies is an early-stage advanced materials company that applies technology and materials science to convert industrial wastes into valuable products. Its flagship ALUMAGLASS(TM) product and other specialty products are currently employed in industrial applications and construction materials. The Company also recycles cathode ray tube (CRT) glass from the television industry and is developing programs to address recycling needs in the burgeoning computer monitor waste market.

Octagon, Inc. is a national leader in radiological control services and provides maintenance operations and other on-site services to utilities, industry and government agencies including the Department of Defense and the Department of Energy.

Matters discussed in this news release contain forward-looking statements that involve risks and uncertainties. The Company's results may differ significantly from the results indicated by forward-looking statements. No assurances can be given that the above forward-looking statements will prove to be accurate or that the above described merger will be completed on a timely basis, if at all. These and other risks related to Conversion Technologies' business are addressed in the Registration Statement on Form S-4 relating to the Octagon merger and Conversion Technologies' SEC reports, including its annual reports on Form 10-KSB and quarterly reports on form 10-QSB.

CONTACT: MWW/STRATEGIC COMMUNICATIONS, INC.

Rob Swadosh ([e-mail])

[phone]